Global Specialty Trade Contractors Market Trends And Strategies Of Major Players In The Specialty Trade Contractors Market 2021-2030
3 Feb, 2021
The specialty trade contractors market consists of sales of specialty trade contractors services and related goods by entities (organizations, sole traders and partnerships) that perform specific activities (e.g., pouring concrete, site preparation, plumbing, painting, and electrical work) involved in building construction or other activities that are similar for all types of construction, but that are not responsible for the entire project. The work performed may include new work, additions, alterations, maintenance, and repairs. The production work performed by establishments in this market is usually subcontracted from establishments of the general contractor type or for-sale builders, but especially in remodeling and repair construction work also may be done directly for the owner of the property. Specialty trade contractors usually perform most of their work at the construction site, although they may have shops where they perform prefabrication and other work.
Global Specialty Trade Contractors Market Size And Drivers:
The global specialty trade contractors market is expected to grow from $3.97 trillion in 2020 to $4.33 trillion in 2021 at a compound annual growth rate (CAGR) of 9%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $5.58 trillion in 2025 at a CAGR of 7%. The specialty trade contractor market growth in the historic period was mainly driven by the increase in construction activity in emerging markets.
Request For A Sample For The Global Specialty Trade Contractors Market Report:
Trends In The Global Specialty Trade Contractors Market
Artificial intelligence and robotics are becoming popular in the construction industry to alter workforce, to capture data and analyze information, eliminate human error and inconsistency, and provide quality results. Artificial Intelligence (AI) uses computer to model natural intelligence of humans in computer-controlled robots, and machine learning to solve problems and execute tasks. These artificially intelligent robots aid in performing construction activities, inspecting quality, tracking progress, real time heavy equipment monitoring, proactively alerting the operator when there is a system breakdown or malfunction and increasing safety.
Global Specialty Trade Contractors Market Segments:
The global specialty trade contractors market is further segmented based on type, application, ownership, mode and geography.
By Type: Foundation, Structure, And Building Exterior Contractors, Building Equipment Contractors, Building Finishing Contractors, Other Specialty Trade Contractors.
By Application: Residential Building Construction, Nonresidential Building Construction, Utility System Construction, Others.
By Ownership: Chained, Standalone.
By Mode: Online, Offline.
Subsegments Covered: Excavation And Demolition, Roofing, Concrete Work, Water Well Drilling, Electrical Contractors And Other Wiring Installation Contractors, Plumbing, Heating And Air-Conditioning Contractors, Other Building Equipment Contractors, Drywall And Insulation Contractors, Painting And Wall Covering Contractors, Flooring Contractors, Tile And Terrazzo Contractors, Finish Carpentry Contractors, Other Building Finishing Contractors, Site Preparation Contractors, All Other Specialty Trade Contractors
By Geography: The global specialty trade contractors market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
Among these regions, Asia Pacific is the largest region in the global specialty trade contractors market, accounting for 39% of the total market.
Read More On The Report For The Global Specialty Trade Contractors Market At:
Specialty Trade Contractors Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides specialty trade contractors market overviews, analyzes and forecasts market size and growth for the global specialty trade contractors market, specialty trade contractors market share, specialty trade contractors market players, specialty trade contractors market segments and geographies, specialty trade contractors market’s leading competitors’ revenues, profiles and market shares. The specialty trade contractors market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.